The campaign has wiped out more than $1 trillion worldwide from the market value of Chinese companies. “The latest regulatory tightening cycle is unprecedented in terms of duration, intensity, scope, and velocity,” analysts from Goldman Sachs wrote in a recent research report. Authorities in the United States and Europe have also moved over the last year to rein in unruly players by proposing new antitrust laws or trying to regulate data and online content.īut the speed and ferocity with which Chinese authorities have acted against the country’s corporate titans have startled even the closest China watchers.
In the year that followed, the Chinese government’s regulatory might has changed industries ranging from tech and finance to gaming, entertainment and private education.Ĭhina’s regulators aren’t alone in moving to restrict what they see as overly powerful companies, especially in Big Tech. President Xi Jinping turns his fire on China's rich in push to redistribute wealth Chinese President Xi Jinping addresses the Informal Economic Leaders' Retreat of the Asia-Pacific Economic Cooperation APEC via video link in Beijing, capital of China, July 16, 2021.
